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How do I report income from Turo?

Forum|Forum|4 years ago
January 22, 2022
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How do I report $4,795 of income from Turo? I tried it for a few months, but I closed it. Not an ongoing business.

TurboTax Self Employed Online

Best answer by pdsmaui

I found that I need to report it as "Income from renting out personal property (not rental real estate or farm equipment)" under "Miscellaneous Income," where it lists such things as a personal vehicle.

AmyC

Employee

If it was a business, then sch C business. If it was a hobby, you can report it as hobby income. Hobby income does not have the self-employment tax that a business would. See Earning side income: Is it a hobby or a business?

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pdsmauiAuthorAnswer

I found that I need to report it as "Income from renting out personal property (not rental real estate or farm equipment)" under "Miscellaneous Income," where it lists such things as a personal vehicle.

Critter-3

Down the left side of the screen, click Federal.
In the center of the screen, click Income & expenses.
On the screen Your income and expenses, scroll all the way down to the last section, Less Common Income.
Click the Start or Update button for the last topic, Miscellaneous Income, 1099-A, 1099-C.
On the next screen, Let's Work on Any Miscellaneous Income, scroll down and click the Start or Update button for the last topic, Other reportable income.
The next screen asks, Did you receive any other taxable income. Click Yes.
On the next screen, scroll down (see screen shot) . Click Continue.
On the next screen click Done.